CLARIFICATION ON SECTION 206C (1H) APPLYING TCS @ .075 ON TURNOVER ABOVE 10 CRORE
One of the most prolific changes brought by the Government will be the addition of Section 206C (1H) through the Financial Bill, 2020. Amidst the pandemic, it would settle unaccounted money and insolvency in accounts. The details obtained by a seller by issuing an account or receipt will build a data table for the Government to keep an eye on unusual high transactions and generate audit track of buyers getting goods without disclosing it in their record of accounts.